Hyperliquid (HYPE) is under renewed selling pressure after a move to reclaim higher levels failed at $57, leaving the token at $54, down 3.3% on the day but up 4.9% on the weekly chart. HyperLabs unlocked 433,025 HYPE worth $23.46 million and has been depositing tokens into Flowdesk and OKX, a move historically followed by selling. A newly created wallet withdrew 197,360 HYPE worth $10.69 million from Coinbase. Spot buy-sell volume has shown a negative delta for three days, with sell volume reaching 297k versus 229k in buys. RSI sits at 42, and HYPE trades below the 50-SMA.
Hyperliquid has struggled to maintain upward momentum after its latest advance failed at $57. As of this writing, the altcoin traded at $54, down 3.3% on daily charts and up 4.9% on weekly charts.
HyperLabs unlocked another 433,025 HYPE worth $23.46 million, according to Lookonchain. The project has been gradually depositing the tokens into exchanges, including Flowdesk and OKX.
The exchange deposits point towards preparation to sell, and similar deposits have preceded selling in the past. This adds to persistent downside pressure on the token.
Whale activity has provided some counterweight, with a newly created wallet withdrawing 197,360 HYPE worth $10.69 million from Coinbase, according to Onchain Lens. The withdrawal comes as seller dominance remains visible in spot market activity.
Hyperliquid’s spot buy-sell volume has shown a negative market delta for three consecutive days. Over the past day, sell volume reached 297k against buy volume of 229k, leaving the delta at -68k.
Momentum indicators also point to sustained downward pressure. The Relative Strength Index has stayed in the bearish zone for three weeks and sits at 42, while the token trades below the 50-SMA.
